A group of Spanish banks, law firms and corporations have formed a new blockchain consortium. Lyra Network (Red Lyra in spanish) will help companies of different sectors to achieve authentic transactions, smart contracts and identity management.

It is the second group effort launched in Spain in recent days, though some of the new members, which include law firms and utilities, signify a wider scope than one that is purely financial.

The consortium is tackling a “multi-sector” strategy in the kinds of projects they focus on.

As explained by some of its founders, the first major undertaking will be centered around digital identity:

“The first project of the Lyra Network will focus on the development of a digital identification system that can be safely shared and comply with the requirements of Spanish regulation by all members of the network. Lyra will develop legal identification services or support contracts (smart contracts), hence it is particularly important that its founders include recognized law firms and legal experts.”

In the case of banks, there is another consortium created recently, a week ago.

Wholesale bank Cecabank announced the effort in which other banks are involved. The group’s membership includes Abanca, Bankia, CaixaBank, Kutxabank, Ibercaja, Liberbank and Unicaja, partnering with professional services firm Grant Thornton, that also is involved in Red Lyra consortium.

“the new consortium will provide us with a privileged position on the market, since we will be the first in effect to work with this technology, in a cross-sectoral and multidisciplinary environment. Employees of all our functional areas are not only going to gain an in-depth understanding of the technology, but also of all the new features that arise, which is indispensable, considering the momentum for constant progress maintained by blockchain”.